Birendra Kumar Agrawal sanctioned a loan of Rs. 30,00,000 to Vyas Mercantile Private Limited under a loan agreement dated 2018-02-01. On the same day, the respondent executed a promissory note for the same amount. The respondent defaulted on the loan repayment starting 2019-06-30. As of 2019-07-12, the outstanding amount was Rs. 26,13,521.80, including 10% per annum interest. The respondent acknowledged the debt of Rs. 25,94,445 on 2019-06-10 and promised repayment by 2019-06-25, but failed to do so. The petitioner sent a letter on 2019-06-05 demanding repayment. The court served notice to the corporate debtor, but the debtor did not appear or file a reply. This led the court to proceed ex parte.

Birendra Kumar Agrawal sanctioned a loan of Rs. 30,00,000 to Vyas Mercantile Private Limited under a loan agreement dated 2018-02-01. On the same day, the respondent executed a promissory note for the same amount. The respondent defaulted on the loan repayment starting 2019-06-30. As of 2019-07-12, the outstanding amount was Rs. 26,13,521.80, including 10% per annum interest. The respondent acknowledged the debt of Rs. 25,94,445 on 2019-06-10 and promised repayment by 2019-06-25, but failed to do so. The petitioner sent a letter on 2019-06-05 demanding repayment. The court served notice to the corporate debtor, but the debtor did not appear or file a reply. This led the court to proceed ex parte.